House is being offered FOR RENT (Jersey City, Plainfield: for sale, apartment complex, rental)

[azwildcats70]

The house is also for sale. The house is over priced both as a sale and as a rental. Owner won't budge on the sale price, so we are considering renting it. Anyone have any tips for negotiating the rental price?

[tpajewski]

everything is negotiatable!!!! Make an offer. There is a lot of homes on the market for both sale and rent. Have your agent make a list of compariables in the area so you know what other properties are selling for and go on from there.

[BrianH1970]

Originally Posted by azwildcats70

The house is also for sale. The house is over priced both as a sale and as a rental. Owner won't budge on the sale price, so we are considering renting it. Anyone have any tips for negotiating the rental price?

Plenty of ammunition should do the trick.

[monack]

Have folks found that rent is negotiable these days? That is - rent that is from a private owner rather than an apartment complex.

[RobRiguez]

There are 4 houses near me that have been on the market for almost a year now. (not good for my own home's value) and over the last month all of them have changed their signs from For Sale to For Rent instead. I know one was asking 6k/month for 4bd/2.5bth/2 car attached garage/3k-sqft/.33acre very nice but not "fancy" colonial and they ended up lowering the price finally to about 4k/month. So, If someone is desperate enough...EVERYTHING is negotiable.

[DodgeViper01]

I have a home currently listed with a client like this. You can try to negoitate but people that have that strongwilled attitude rarely budge until it is too late.

My client is currently listed about 10% above market and the owner does not want to hear it. I have proven comps, tax records, and even given feedback from showing agents, etc. etc. etc. Some people are just like this unfortunately.

[joe moving]

and they wonder why its not moving!

[Roselvr]

Originally Posted by azwildcats70

The house is also for sale. The house is over priced both as a sale and as a rental. Owner won't budge on the sale price, so we are considering renting it. Anyone have any tips for negotiating the rental price?

I would make an offer, with comps supporting the offer. Your agent will have to do some work, but at least it will show them why you're offering what you are.

If they do decide to say yes, make sure you add a clause that it has to appraise for that or the deal is off.

Renting - if you do rent, will the house still be listed?
If it is listed, what are you expected to do?
Do you know your rights?


I actually wouldn't rent it especially if it's over priced. Let them rent it to some fool willing to pay them or let them leave it on the market with no sale. They should consider themselves very fortunate that you even want to buy it.

[azwildcats70]

Actually - I think renting would be our best option at this juncture... I'm still a bit unsure/leery of the area. I'd much rather find out that I don't like it and only have a 1yr lease than a 30 year mortgage.

It's in the Van Wyck Brooks Historic District of Plainfield.

[lammius]

Originally Posted by monack

Have folks found that rent is negotiable these days? That is - rent that is from a private owner rather than an apartment complex.

Absolutely. There are landlords in Downtown Jersey City with places that have been vacant for 2-3 or more months. My landlord is asking me all the time if I "know someone who needs a place." He's got an amount in mind for rent, but at this point I feel he'd be willing to negotiate on the rent or on the broker fee. I'm sure he's not alone. If you feel the rent is too high, make a lower offer, or ask the landlord to cover all or a portion of the broker fee if there is one. There's no reason to pay top rent + 1.5mo sec. + 10% annual fee. There never was a reason (IMO), and certainly fewer people will be willing to do it now.